KARACHI (Reuters) - Pakistan has received $1.2 billion from the International Monetary Fund, the third tranche of an emergency loan facility agreed last year, the central bank said on Wednesday. Last week, the IMF increased its loan to Pakistan to $11.3 billion under an economic programme first agreed in November 2008, to avert a balance of payments crisis. We have received $1.2 billion from the IMF, Syed Wasimuddin, chief spokesman of the State Bank said. The IMF initially provided a $7.6 billion emergency loan package. The first $3.1 billion tranche was disbursed in November and a further $848 million was released in April. Aninda Mitra, Moodys sovereign analyst for Pakistan, welcomed the increase of the loan. It goes to addressing some of the uncertainty that continued to linger in view of lack of clarity about the flows through the budget from the 'Friends of Pakistan pledges, Mitra said, referring to a donor group made up of friendly governments and multilateral lenders. Moodys Investors Service confirmed a negative outlook in December for Pakistans B3 sovereign bond ratings. Mitra said Moodys was monitoring Pakistan closely and waiting for the government to clarify how the additional money would be used in the budget. Mitra also said the increased funding would bring Pakistans foreign exchange reserves to the extent that I think it will allow Pakistan to withstand further deceleration of private capital inflows. The nations reserves fell by $50 million in the week to Aug 1 to $11.72 billion, the fourth straight weekly fall. The latest IMF disbursement will be reflected in data due next week. The release of $1.2 billion third tranche of the IMF loan will help further strengthen the forex reserve position and should support the rupee in the short term, said Sayem Ali, economist at Standard Chartered Bank. Pakistan also received a record $747.22 million in remittances from its citizens overseas in July, compared with $627.21 million in the same month last year, the State Bank of Pakistan said late on Tuesday.